Location: Lynchburg, VA | Metro: Lynchburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 24595 for Section 8 investments, follow these steps:
If your property's debt service is higher than $1050, the Fair Market Rent (FMR) for ZIP 24595 for fiscal year 2024, then the answer is No. This amount must cover all mortgage payments and other costs associated with owning the property.
The average market rent in ZIP 24595 is $906 according to the latest Census ACS data. Compare this figure to the FMR of $1050. If market rents are below FMR, it suggests that Section 8 tenants might be able to afford market rates, which could reduce demand for Section 8 properties. In this case, the answer is No.
In ZIP 24595, 81.0% of residents are renters. Additionally, the days on market (DOM) for rental listings is N/A, which means there isn't enough data to assess how quickly rentals are being leased. Given the high percentage of renters, there is likely strong demand for rental properties. However, without DOM data, it's difficult to quantify how quickly properties are rented out. The answer here is It Depends. While the high percentage of renters supports demand, the lack of DOM data makes it uncertain whether this demand translates into quick leasing times.
Summary: If the debt service on a property exceeds $1050, or if market rents are below the FMR, investing in ZIP 24595 for Section 8 is not advisable. However, if debt service is covered by the FMR and market rents are competitive, the investment could be viable due to the high percentage of renters, despite the lack of DOM data.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.